Robinhood Ventures Fund I (RVI) has purchased approximately $75 million worth of common stock in OpenAI, the team said Wednesday.
The fund, Robinhood’s first publicly traded closed-end venture fund, focuses on bringing exposure to private, high-impact companies to retail investors without traditional barriers like accreditation or minimum investment requirements.
The addition strengthens its portfolio of private companies and highlights its strategy of targeting transformative industries like artificial intelligence.
The purchase, completed on April 17, makes OpenAI, the research lab behind ChatGPT that recently hit an $852 billion valuation, one of the largest positions in RVI’s portfolio.
Sarah Pinto, president of the fund, called the AI giant “one of the frontier artificial intelligence companies” and said the investment “underscores our core mission to provide everyday investors with access to what we believe are transformative companies shaping the future.”
Source: https://cryptobriefing.com/robinhood-ventures-investment-openai/
